Mexico Senate committees lower oil price estimate for 2015 budget

MEXICO CITY Oct 28 (Reuters) - Mexican Senate committees on
Tuesday voted to lower the estimate for oil prices to $79 per
barrel in the revised 2015 budget, forecasting an international
slump in oil prices would weaken government revenues next year.

The revised budget, which still needs to be approved by the
full Senate and Mexico's lower house, projected an average price
of $79 per barrel next year.

The original proposal, which was submitted to Mexico's lower
house by Finance Minister Luis Videgaray in September, had
forecast oil prices at $82. Mexico's lower house approved the
budget with an estimated average of $81 per barrel this month.

U.S. crude finished 42 cents higher at $81.42 a
barrel in New York on Tuesday.

International oil prices have slumped because of a
production glut and concerns about slowing global growth. Prices
for heavy Mexican crude MEX-OSP hit a four-year low this
month.

Latin America's No. 2 economy is a top crude exporter to the
United States and Mexico's government has long relied on oil
sales from state-run Pemex to fund about one-third of
its budget.
(Reporting by Noe Torres; Editing by Cynthia Osterman)